Mumbai : Taking cue from banks, country’s largest mortgage lender HDFC on Tuesday reduced its home loan rates by up to 0.45 per cent.
Loans up to Rs 75 lakh will attract interest rate of 8.7 per cent per annum, while it will be 8.75 per cent for higher amounts, HDFC said in a statement. A woman applicant will get a discount of 0.05 per cent in interest rate. HDFC’s earlier benchmark rate was 9.1 per cent, reports PTI.
The revised rates are effective from Tuesday.
“Over the past couple of months we have seen a drop in our marginal costs of funds and as always HDFC has ensured that benefit is passed on to its customers,” said Renu Sud Karnad, Managing Director, HDFC. Meanwhile, public sector lender Bank of India too announced reduction in benchmark lending rate by up to 0.9 per cent. For one year, the MCLR, or marginal cost of funds based lending rate, is now 8.50 per cent, down 0.75 per cent.
However, overnight MCLR has been reduced by 0.9 per cent to 8.1 per cent effective January 7.
Housing, auto and corporate loans are all set to become cheaper with several PSU and private banks steeply reducing benchmark lending rate by up to 1.48 per cent after spurt in deposits following demonetisation.
